The Trump administration’s new partner in Venezuela, North American Blue Energy Partners, stands to expand its reach in the country’s most important oil basins under an unorthodox deal. Roughly half of the 17 production areas are in Lake Maracaibo, a longstanding but deteriorated oil-producing region in northwestern Venezuela. The other half are in the Orinoco Belt, a vast savanna across central and northeastern Venezuela holding most of the nation’s reserves, though the crude there is asphalt-like and costly to refine.

Many Orinoco areas are largely undeveloped, requiring new wells, pipelines, and processing facilities. North American Blue Energy, led by Venezuelan businessman Alejandro Betancourt, already operates in three of the 17 areas, producing about 200,000 barrels per day, and aims to increase output to one million barrels daily within five years. Venezuela’s interim president, Delcy Rodríguez, has set an even higher target of over 1.5 million barrels per day for the deal areas.

By comparison, Chevron plans a slower increase of 320,000 barrels per day over five years at a $7 billion cost. Analysts note the ambitious goals face significant financial and logistical hurdles. Venezuela currently produces just over one million barrels per day overall.

The deal reflects U.S. efforts to counter Chinese and Russian influence in Venezuela’s oil sector, though historical records remain incomplete and sanctions have affected other firms like China Concord Petroleum.